While the crypto market is making a U-turn, many have feared that the realm of DeFi will not recover from the abrupt downfall. The main reason behind such fears was that DeFi had not done well even before the crypto winter began. The scandal with the Frog Nation and their twice-convicted felon who served as the project’s treasury Sifu, along with Andre Cronje’s exodus and the immediate collapse of Terra, did not help the situation.
Topped with the current legal battle the crypto industry is going through, with SEC coming to take names, the future of DeFi does look rather grim at first sight. However, if one looks closely, there is a light at the end of the tunnel, and there is a good chance we are about to witness the renaissance of DeFi. Namely, the recent industry report suggests that the number of decentralized applications (DApps) on Ethereum-scaling-platform Polygon has exceeded more than 37,000, marking a 400% increase since the beginning of 2022!
In today’s editorial, I would like to consider what this could mean to the industry of DeFi and can other projects keep up with Ethereum, which plans to continue to reign supreme. Let’s dive in.
Polygon: Bring The World To Ethereum
The Polygon (MATIC) team revealed the aforementioned figures via a Wednesday blog post sourced from partnered Web3 development platform Alchemy. It should be noted that the figure shows the cumulative number of applications ever launched on both the testnet and mainnet, which is still remarkably impressive.
A list of projects that Polygon’s Ethereum Virtual Machine- (EVM)-compatible proof-of-stake (PoS) blockchain hosts for the DApp development is nothing but impressive. Among such brands are OpenSea (the largest NFT marketplace), Metaverse platforms Decentraland and The Sandbox (two of the biggest Metaverse games), decentralized finance (DeFi) lending platform Aave and NFT venture fund/gaming firm Animoca Brands.
What’s The Recipe For Polygon’s Success?
Although it is challenging to outline one single reason for Polygon’s overwhelming success, there is one possible explanation. At the beginning of 2022, the project announced its partnership with Alchemy to become a key driver behind the surge of DApps built on the network. The subsequent collaboration made the Web3 platform’s infrastructure significantly easier for Polygon developers to build DApps, and thus accelerated Ethereum (ETH) adoption to the masses.
Can Youniverze Finance Keep Up?
Although an upcoming project, the Youniverze Fiance (YUNI) has the potential to challenge the competition. One of the reasons for its potential success lies in its value proposition, which is carefully explained in the project’s White Paper. Youniverze Finance is driven by a goal to become the ultimate multichain go-to platform for crypto trading, sourcing, and bridging across the globe.
According to NEWSBTC, it will supply its users with an easy-to-navigate platform where everyone, regardless of their knowledge of crypto, can enjoy DeFi with a seamless experience. To accompany users on this exciting journey, the platform will enable transferring assets across blockchains and finding the cheapest swap trades available on the market.
On top of that, several DeFi services like staking, a process of locking tokens within the protocol, that would reduce the number of circulating tokens on the market and, consequently, boost the token’s price would also be available. Users who stake tokens will get a share of the fees collected by Youniverze Finance from the ecosystem’s liquidity pools. So, if you ever wanted to try the daring world of DeFi, Youniverze Finance could be a place to start.
What To Make Of It
All things considered, the future of Polygon and Ethereum looks brighter than ever. Considering that the crypto winter is finally over, we should expect more Dapps to appear across the board.
Regarding the new kid on the crypto block, Youniverze Finance, it is too early to say anything for certain, as the world of DeFi is a ruthless place, leaving little room for competition. Nonetheless, the project looks solid and be sure to check it out. However, always remember to do your own research.
If you want to learn more about Youniverze Finance, visit this website.
- Presale: http://join.youniverze.io/
- Website: http://youniverze.io/
- Telegram: https://t.me/YouniverzeOfficial
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